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1 Executive Summary Oman's Investment Climate Is Conducive To Executive Summary Oman’s investment climate is conducive to U.S. investment. Omani officials and businesspeople generally value U.S. technology, skills, and expertise in a wide range of fields, appreciate U.S. firms’ reputation for reliable, transparent business practices, and are keen to leverage U.S. business models, corporate values, and entrepreneurial culture in order to take fuller advantage of the United States-Oman Free Trade Agreement (FTA). American firms enjoy special privileges under the FTA, namely duty exemptions, national treatment, and non-discrimination in government procurement. However, persistent lack of compliance by Omani Customs to FTA Article 4 regarding duty exemption for eligible U.S. goods transshipped by road via Dubai as well as the imposition of a new “In Country Value” program, as of January 1, 2014, promoting local sourcing in the oil and gas sector, remain areas of concern in an otherwise positive operating environment for U.S. investors. In addition, mandatory Omanization hiring quotas for Omani nationals and scarcity of gas for new manufacturing projects posed challenges for U.S. investors. Advantages of investing in Oman include: Oman’s business-friendly environment, including the U.S.-Oman Free Trade Agreement; a modern business law framework; respect for free markets, contract sanctity, and property rights; relatively low taxes; and a one-stop-shop at the Ministry of Commerce and Industry for business registration; The educated and largely bilingual Omani work force; The excellent quality of life: Oman is a safe, modern, friendly, and scenic country, with outstanding international schools, wide array of consumer goods, modern infrastructure, and a convenient and growing transportation network; Oman’s geographic location, just outside the Persian Gulf and the Strait of Hormuz, along busy shipping lanes carrying a significant share of the world’s maritime commercial traffic, with convenient access and connections to the Gulf, Africa, and the subcontinent; The steady and ambitious investment by the Government of Oman in the country’s infrastructure, including manufacturing free zones, seaports, airports, rail, and roads, as well as in its health care and educational systems and facilities. Foreign investment is increasing in Oman as international firms recognize the growing opportunities related to the Sultanate’s massive infrastructure investment program. The investment climate is improving, with a major anti-corruption campaign starting in the summer of 2013, which investigated, convicted, and sentenced unprecedented levels of high-profile local officials and executives, previously considered “untouchable.” Non-oil economic growth stood at 8% last year, reflecting major infrastructure-related activity and the Sultanate’s success in promoting downstream manufacturing in its free zones. 1. Openness To, and Restrictions Upon, Foreign Investment 1 Department of State: 2014 Investment Climate Statement June 2014 Oman actively seeks foreign investment and is in the process of improving the framework to encourage such investments. Oman promotes higher education, manufacturing, healthcare, aquaculture, renewable energy, ICT, and tourism as areas for investment. Investors transferring technology, developing management expertise, and providing training for Omanis are particularly welcome. The Public Authority for Investment Promotion and Export Development (PAIPED, formerly OCIPED, branded as “Ithraa” as of 2014)) is tasked with attracting foreign investors and smoothing the path for business formation and private sector development. PAIPED also provides prospective foreign investors with information on government regulations, which are not always transparent and sometimes inconsistent. Although the Ministry of Commerce and Industry (MOCI) has established a ‘One-Stop Shop’ for government clearances, the approval process for establishing a business can be slow, particularly with respect to environmental permitting and expatriate worker visa approvals. With the implementation of the U.S.-Oman Free Trade Agreement (FTA) on January 1, 2009, U.S. firms may establish and fully own a business in Oman without a local partner. U.S.-Oman FTA commitments have increased opportunities for U.S. financial service providers, as well as for cross-border service providers in the areas of communications, express delivery, computer- related technologies, health care, and distribution, among others. By contrast, non-American service providers such as engineering consultancies must be at least 30 percent owned by an Omani who is currently practicing in the specialized field with a relevant degree before MOCI will approve a license. Although U.S. investors are provided national treatment in most sectors, Oman has an exception in the FTA for legal services, limiting U.S.-ownership in a legal services firm to no more than 70 percent. In 2011, Oman also began to enforce a new directive limiting customs clearing and forwarding activities to Omani and GCC citizens, contrary to the FTA. The Foreign Capital Investment Law (Royal Decree No. 102/94) provides the legal framework for non-U.S. and non-GCC foreign investors. Oman amended this law in 2000 as part of its WTO accession and in 2009 to implement the U.S.-Oman Free Trade Agreement. For most investments (apart from those covered by the FTA) the law requires that there be at least 30 percent Omani ownership. There are exceptions; notably wholly foreign-owned branches of foreign banks are allowed to enter the market. Non-American investors may also obtain approval by the Ministerial Cabinet to allow a 100 percent foreign-owned business entity if the investment is in the national interest. Aside from ensuring that the investor satisfies the legal requirements for entry into the market, Oman does not screen foreign investment. If a concern were raised regarding a particular investor’s entry into the market, the MOCI would be the government body tasked with reviewing the proposed investor. Investments are not screened for competition considerations, and Oman does not have an active competition commission. In 2014, MOCI announced plans to review existing companies to ensure compliance with capitalization minimums and Omanization goals. Oman has privatized some parastatal corporations and is in the process of privatizing others, but maintains government dominance in several sectors. In 2011 the government amended legislation to allow for public-private partnerships in government hospitals and clinics, paving the way for significant private investment in planned “medical cities” in Salalah and Muscat. Foreign investors are allowed to participate fully in privatization programs, even in drafting public-private partnership frameworks. The most successful privatization program to-date has 2 Department of State: 2014 Investment Climate Statement June 2014 been the electricity and desalination privatization program. The telecommunications sector has also been increasingly privatized. Industrial establishments must be licensed by MOCI. In addition, a foreign firm interested in establishing a company in Oman must obtain relevant approvals from other ministries, such as the Ministry of Environment and Climate Affairs and organizations such as the Oman Chamber of Commerce and Industry. Foreign workers must obtain work permits and residency permits from the Ministry of Manpower and the Royal Oman Police’s Immigration Directorate. To speed the approval process, MOCI houses a “One-Stop-Shop” where representatives from relevant ministries are present to receive inquiries, forms, and applications. While the FTA does not address taxation, duty and tax exemptions are granted for renewable five year periods for investments in manufacturing, mining, agriculture, aquaculture, tourism, locally manufactured exports, education and healthcare. There are no taxes on personal income, sales, capital gains, or inheritance. Foreign airlines and shipping companies are completely exempt from taxation based upon reciprocal treatment by foreign governments. Higher education institutes, private sector schools, training institutes, and private hospitals are also tax exempt. Commercial law in Oman is continually evolving. Although the judicial process is slow, business contracts are generally enforced. According to the 2013 World Bank Ease of Doing Business Report, it takes an average of 598 days to enforce a business contract. However, the cost of enforcement is a smaller percentage of the claim, at 13.5 percent, lower than even OECD countries, which average 20 percent. The current process for registering a business in Oman is laid out in the Foreign Investment Law (promulgated by Royal Decree No. 102/94) as per below. Current requirements include: Submit an application duly signed by at least three founders in case of Joint Stock Companies, and by at least two members in case of other types of Companies. Submit a certificate from the Commercial Registration stating that no other Company is registered in Oman under the same proposed commercial name. Prepare the Articles of Association/Incorporation of the proposed Company, according to its legal type. If a proposed partner is a juristic person (corporate entity with legal standing), it must submit its Articles of Association and Certificate of Registration and Power of Attorney to its authorized Managers. In case of a non-Omani juristic person, also a brochure of the Company’s major projects and last balance sheet (if any) are preferred to be submitted as well,
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